@article { , title = {Institutional investors and director pay: An empirical study of UK companies}, abstract = {This paper empirically examines the determinants of director pay for a sample of listed non-financial firms in the UK by focusing on the effects of institutional ownership on both director pay and pay-performance relationship. Our analysis reveals that institutional investors, as a whole, make no appreciable difference in the determination of director pay level and pay-performance relationship. However, after we divide institutions into "dedicated" and "transient" groups. We show that dedicated institutions restrain the level of director pay and strengthen pay-performance link. This is consistent with our expectation that dedicated (long-horizon) institutions are more involved in corporate governance and serve a better monitoring and disciplining role than other short-horizon institutions. © 2007 Elsevier B.V. All rights reserved.}, doi = {10.1016/j.mulfin.2007.06.001}, issn = {1042-444X}, issue = {1}, journal = {Journal Of Multinational Financial Management}, pages = {16-29}, publicationstatus = {Published}, publisher = {Elsevier}, url = {https://hull-repository.worktribe.com/output/466355}, volume = {18}, keyword = {Business and Logistics, Economics and Econometrics, Finance}, year = {2008}, author = {Dong, Min and Ozkan, Aydin} }